The next Ponzi scheme

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Yachtie -> The next Ponzi scheme (1/30/2014 1:13:49 PM)
Now, when it comes to retirement, you would think that the vast majority of working Americans would be putting some money away for their future. But the truth is, many are not. For millions of working men and women, it is not easy to save for the long haul. Many employers do not offer a retirement plan. And setting up a retirement account and maintaining it can often be too difficult, expensive and time-consuming. The statistics paint a stark picture. Only about half of all workers have access to an employer-based retirement plan, such as a 401(k). And left on their own, few workers save. It is estimated that fewer than one out of 10 eligible workers actually contribute to an IRA. Still, every American deserves the chance to build a secure retirement. That is why the Obama administration has designed a new way for working Americans to start saving for the future. This program, which will begin later this year, is called myRA or My Retirement Account. This account is designed to help low- and middle-income workers, who are too often overlooked or ignored, begin saving for retirement. We are talking about the waitress who is holding down two part-time jobs to support her kids; the recent graduate who landed a job but is grappling with student loans; the janitor who has never been given the chance to invest in a retirement account. Here is how myRA, which is simple, safe and affordable, will work. You will be able to start saving with an initial deposit of as little as $25 and contribute as little as $5 each payday. If an employer chooses to participate, contributions are made through automatic payroll deductions, making them hassle-free. There are no fees - 100 percent of any contribution goes into the account and is invested in a Treasury security. That means it will be backed by the full faith and credit of the United States, will earn the same interest rate that is available to federal employees for their retirement savings, and the balance will never go down. The Chinese don't want much more US paper. Hell, they're beginning to balk at the USD as the world's reserve currency. Better to get Americans to finance the appetite of BIG government. Yep, sell treasury securities. The value of the Dollar, as purchasing power, has been on the wane for some time now. No end in sight as to that. Such treasury securities had better, at the minimum, keep up with actual inflation. Not an easy thing that. Makes me think of squeezing an elephant through the eye of a needle. Can anyone possibly think such savings accounts could yield even 3%? The Full Faith andf Credit of the US government is currently ~ZIRP. Safe? Is that supposed to be a joke or something? Extend and pretend, also known as QE, is slowly coming to an end. Now up for our considerataion, extend and pretend 2.0. Any takers here? [;)] I'll bet there shall be a few.

DesideriScuri -> RE: The next Ponzi scheme (1/30/2014 1:50:07 PM)
quote: ORIGINAL: Yachtie Now, when it comes to retirement, you would think that the vast majority of working Americans would be putting some money away for their future. But the truth is, many are not. For millions of working men and women, it is not easy to save for the long haul. Many employers do not offer a retirement plan. And setting up a retirement account and maintaining it can often be too difficult, expensive and time-consuming. The statistics paint a stark picture. Only about half of all workers have access to an employer-based retirement plan, such as a 401(k). And left on their own, few workers save. It is estimated that fewer than one out of 10 eligible workers actually contribute to an IRA. Still, every American deserves the chance to build a secure retirement. That is why the Obama administration has designed a new way for working Americans to start saving for the future. This program, which will begin later this year, is called myRA or My Retirement Account. This account is designed to help low- and middle-income workers, who are too often overlooked or ignored, begin saving for retirement. We are talking about the waitress who is holding down two part-time jobs to support her kids; the recent graduate who landed a job but is grappling with student loans; the janitor who has never been given the chance to invest in a retirement account. Here is how myRA, which is simple, safe and affordable, will work. You will be able to start saving with an initial deposit of as little as $25 and contribute as little as $5 each payday. If an employer chooses to participate, contributions are made through automatic payroll deductions, making them hassle-free. There are no fees - 100 percent of any contribution goes into the account and is invested in a Treasury security. That means it will be backed by the full faith and credit of the United States, will earn the same interest rate that is available to federal employees for their retirement savings, and the balance will never go down. The Chinese don't want much more US paper. Hell, they're beginning to balk at the USD as the world's reserve currency. Better to get Americans to finance the appetite of BIG government. Yep, sell treasury securities. The value of the Dollar, as purchasing power, has been on the wane for some time now. No end in sight as to that. Such treasury securities had better, at the minimum, keep up with actual inflation. Not an easy thing that. Makes me think of squeezing an elephant through the eye of a needle. Can anyone possibly think such savings accounts could yield even 3%? The Full Faith andf Credit of the US government is currently ~ZIRP. Safe? Is that supposed to be a joke or something? Extend and pretend, also known as QE, is slowly coming to an end. Now up for our considerataion, extend and pretend 2.0. Any takers here? [;)] I'll bet there shall be a few. It is limited to $15k, after which it's rolled into a traditional IRA (no longer accessible (yet) by the US Gov't). I agree with the stated goals, though. Getting more Americans to save for retirement rather than having them rely on Social Security, is a good thing. There may be some interesting challenges along the way though.

tj444 -> RE: The next Ponzi scheme (1/30/2014 1:51:17 PM)
quote: ORIGINAL: Yachtie This account is designed to help low- and middle-income workers, who are too often overlooked or ignored, begin saving for retirement. We are talking about the waitress who is holding down two part-time jobs to support her kids; the recent graduate who landed a job but is grappling with student loans; the janitor who has never been given the chance to invest in a retirement account. Saving $5 every 2 weeks? ah yes, much better to put all your spare money locked into a retirement fund when you are only 1 paycheck away from homelessness & starvation.. Are they totally mad???? [sm=runaway.gif] moving back in with mom and dad would be a much better way to go and save that money that would be spent on rent, utilities, food, cable tv, etc etc.. put that into a roth (although the problem with all govt retirement schemes is the rules are set by the govt and they can change those rules and screw up your plans any damn time they want) [>:] Is this whole retirement gimmick thingie a way to divert attention away from Obamacare, etc???? Doesn't Obama have enough of a "legacy" yet??? [:D]

Yachtie -> RE: The next Ponzi scheme (1/30/2014 2:01:07 PM)
quote: ORIGINAL: tj444 Is this whole retirement gimmick thingie a way to divert attention away from Obamacare, etc???? Doesn't Obama have enough of a "legacy" yet??? [:D] It'll make collecting the (non-payers of the) fine for non-ACA signup easier.

igor2003 -> RE: The next Ponzi scheme (1/30/2014 2:35:14 PM)
--FR-- Did anyone else notice in the picture of Treasury Secretary Jacob Lew that accompanies the article...he's biting his lower lip like he just told a big, fat lie. And didn't there use to be a program already in place that took money from your paycheck and put it into an account to be saved for your retirement? Hmmm...it seems like it was called....something like...Social Security.

Yachtie -> RE: The next Ponzi scheme (1/30/2014 5:25:26 PM)
None of it is going to end well. Not end well, Part Deux.

subrob1967 -> RE: The next Ponzi scheme (1/30/2014 8:04:33 PM)
Relax guys, someone will come along soon and tell us that voting D in this year's election will cure the US of all that ails it. Barack Hussein Obama mmm mmm MMM!

mnottertail -> RE: The next Ponzi scheme (1/31/2014 5:57:01 AM)
Nobody would be so foolish that they would say vote for the nutsackers, they are not going to do anything but destroy the country and legislate vaginas. It ain't got that catchy jingo to it, you know?

mnottertail -> RE: The next Ponzi scheme (1/31/2014 6:03:46 AM)
quote: ORIGINAL: Yachtie None of it is going to end well. Not end well, Part Deux. Zero Hedge, the EE-YUL, EE-YUL, EE-YUL of innumerate economics. I do have to say in their defense, that they were woefully short on facts, and exceedingly profuse on hysterical hallucination and impugnments.

Yachtie -> RE: The next Ponzi scheme (1/31/2014 7:04:45 AM)
quote: ORIGINAL: mnottertail quote: ORIGINAL: Yachtie None of it is going to end well. Not end well, Part Deux. Zero Hedge, the EE-YUL, EE-YUL, EE-YUL of innumerate economics. I do have to say in their defense, that they were woefully short on facts, and exceedingly profuse on hysterical hallucination and impugnments. So you have nothing of substance to say, preferring to dart in, drop a load, then split. Comical at best.

mnottertail -> RE: The next Ponzi scheme (1/31/2014 7:07:47 AM)
Yeah just like the articles: nothing of substance to say, drop a load, and manipulate the feeble-minded. It has been a lifelong problem with this nation, nothing we do has an impact on the bulk of the nation saving, and it mostly is centered around the Malthusian economics of the lower and middle classes. The Rich are getting richer, but they ain't parking it here, or capitalizing it. They only capitalize OPM. The original article is fine, no matter how hum-drum, it is the Zero Head shit that is fucking imbecilic, and nothing to do with nothing, per usual.

Yachtie -> RE: The next Ponzi scheme (1/31/2014 7:43:44 AM)
quote: ORIGINAL: mnottertail Yeah just like the articles: nothing of substance to say, drop a load, and manipulate the feeble-minded. Offering treasuries as a form of savings is substantive. Whether it's smart for anyone to do it is another matter. As to ZH, lets take this one for instance - #4 Right now there is approximately a billion square feet of vacant retail space in the United States. Evidently you think it to be, and here I quote you, "fucking imbecilic, and nothing to do with nothing, per usual." You must take exception to #4, in such an offhanded way, or see it as irrelevant. I question any value to your bloviating. Lets try another - #19 It is hard to believe, but an astounding 53 percent of all American workers make less than $30,000 a year. What's imbecilic about that? You constantly harp about it yourself. Perhaps you think it irrelevant? Why you even engage at all in these discussions is beyond me.

mnottertail -> RE: The next Ponzi scheme (1/31/2014 8:02:49 AM)
and that has what to do with treasuries? doesnt that have more to do with the international free-trade, free-market communists? and the nutsackers and their slow undoing of America and kowtowing to corporations as people? You wanna talk about that, it is a separate issue from our historically dismal savings rates, unless you tie that to the freemarket commie nutsackers (but that has not been causally linked, and even before nutsackers, our savings rate was dismal). and #19 is not at all hard to believe, regardless of how breathlessly ignorant zero says that, its pretty well known, and has been for many years. And it is all naught to do with the appetite of big government without beginning with corporations and theri sacking the treasury, and the fiscal irresponsibility of the nutsackers for these many years.

mnottertail -> RE: The next Ponzi scheme (1/31/2014 9:07:52 AM)
and while we are playing ponzi schemes, banks had a pretty good year, in fact some record profits, and you know how? cuz they ain't loaning money, they are playing the stock market courtesy of W and Paulson et al. There's your ponzi scheme, same as last time, and the time before that, and the time before that.......

MrRodgers -> RE: The next Ponzi scheme (2/3/2014 3:15:37 PM)
What is retirement ? Soon 80% of Americans will work until they croak at the office, on their feet waiting on the few that have any spending money or in the warehouse or fields. I know a couple who have done at least $6 million in business in the last 4 years, are still working, file for soc. sec. each getting $1800/mo have a $600,000 golf course McMansion and will keep working. Retirement was/is a capitalist ruse for the expendable, to suggest there is an end to all of this, to get your money before taxes up to wall street so they can skim off of it (billion$ a month) and the rest is well...medicare. Next question. Hell, a close relative showed me his 401K. With $2-$300 a week going into of 26 different funds, it's a lot to hope for any real appreciation. Why ? Because 16 of them are losing money. Oh but the program manager is making his fee...up front.

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